sebi:Order/SR/PP/2019-20/7293/205
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Facts / Headnote
Penalty imposed on Noticee
Provisions invoked
- s. 15
- s. 12A
- s. 15H
- s. 15J
- s. 28A
- s. 23
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 200
- Reg. 3(b)
Parties
- Prem Agarwal
Holding
The Noticee, Prem Agarwal, was found to have violated sections 12A(a), (b) and (c) of the SEBI Act r/w regulations 3(b), (c), (d) and 4(1), 4(2)(a), (f), (k) and (r) of the PFUTP Regulations, 2003 by circulating a false/misleading SMS about Incap Financial Services Ltd., and a penalty of Rs. 3,00,000/- was imposed under section 15HA of the SEBI Act.
Full text
Adjudication Order in respect of Prem Agarwal in the matter of Incap Financial Services Ltd. . Page 2 of 11 . provisions of the SEBI Act, 1992 (SEBI Act) and the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (PFUTP Regulations). The shares of Incap were listed at BSE Limited (BSE).
Adjudication Order in respect of Prem Agarwal in the matter of Incap Financial Services Ltd. . Page 3 of 11 . penalty under section 15HA of SEBI Act be not imposed on him for the violations alleged and specified in the said SCN.
Adjudication Order in respect of Prem Agarwal in the matter of Incap Financial Services Ltd. . Page 4 of 11 . 8. Subsequent to the appointment of the undersigned as AO, the Noticee was informed about the change of AO vide letter dated November 20, 2017 and an opportunity of hearing before the undersigned was granted on December 12, 2017. Letter sent through SPAD has not returned undelivered. Vide letter dated January 31, 2020, Noticee was advised to file reply to the SCN by February 24, 2020 and an opportunity of hearing was granted on February 27, 2020. This letter has retruned undelivered with the comment “Insufficient Address” as noted from India Post website. Vide letter dated February 13, 2020, one last and final opportunity to file reply by February 24, 2020 and to avail personal hearing was granted on February 27, 2020. This letter was sent through SPAD and through affixture in terms of Rule 7 of Adjudication Rules. Letter sent through SPAD was delivered and proof of delivery downloaded from India Post website is on record. Also, the said letter was hand delivered by the staff of Western Regional Office of SEBI, proof is on record.
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Source: SecMarx — sebi:Order/SR/PP/2019-20/7293/205. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.